Freedom Holding Corp. Marks Seven Years Since Its Nasdaq Listing

On October 15, 2019, Freedom Holding Corp. listed its shares on the Nasdaq Stock Market in the United States. At the time, its shares were trading at just over $14, while today they exceed $175. Freedom Holding Corp.’s market capitalization currently stands at more than $11 billion.

“Being listed on Nasdaq means maintaining absolute transparency in our business and meeting the requirements of some of the world’s toughest regulators. It is a mark of trust, and trust is our most important value,” said Timur Turlov, Founder and CEO of Freedom Holding Corp.

What Freedom Holding Corp. Has Achieved in Seven Years

Freedom’s brokerage business was established in 2008. By 2015, its brokerage operations had expanded into several countries, prompting the incorporation of Freedom Holding Corp. in Nevada, United States. In addition to expanding its business in the U.S., one of the main objectives behind establishing the American legal entity was to prepare for a listing on Nasdaq, one of the world’s leading stock exchanges.

Timur Turlov, Founder and CEO of Freedom Holding Corp., has repeatedly emphasized that the listing process required substantial legal and financial investments, complete transparency, and extensive regulatory reviews by U.S. authorities, including the Securities and Exchange Commission (SEC).

Having successfully completed all the necessary regulatory procedures, Freedom Holding Corp. began trading on Nasdaq under the ticker symbol FRHC on October 15, 2019. This marked the first successful uplisting to a U.S. stock exchange by a company originating in the CIS. At the time, its shares were priced at $14.42. Since then, their value has increased more than twelvefold. The stock reached its peak in 2025, when shares traded above $190, coinciding with BlackRock, the world’s largest asset manager, making its first investment in the holding company.

Today, Freedom Holding Corp.’s majority shareholder is its Founder and CEO, Timur Turlov. Other senior executives of the holding company also own shares. Its institutional shareholders include some of the world’s largest investment firms, banks, and asset managers, including BlackRock (currently holding shares worth 105,168,614),StateStreetCorp.(40,556,058), Morgan Stanley (19,836,006.10),VanguardGroupInc.(16,413,253), UBS AG (14,679,155),BankofNewYorkMellonCorp.(8,506,152), JPMorgan Chase & Co. (7,745,228),BankofAmericaCorp.(7,529,104), and Goldman Sachs Group ($3,288,357).

Freedom Holding Corp. operates under the regulatory oversight of the U.S. Securities and Exchange Commission (SEC). Deloitte serves as the holding company’s auditor, while the international law firm Skadden, Arps, Slate, Meagher & Flom LLP acts as its legal counsel. The holding company is also a direct participant in Euroclear, an international central securities depository.

Freedom has expanded far beyond brokerage services and even the financial industry as a whole. Today, the company operates in more than 20 business areas through over 100 legal entities. Its ecosystem encompasses banking, investment, insurance, lifestyle, and telecommunications services, alongside a growing portfolio of projects focused on artificial intelligence development and integration. Freedom Holding Corp. has evolved into a comprehensive fintech ecosystem.

The holding company’s geographical presence has also expanded significantly. Today, Freedom Group companies operate in 24 countries, including Kazakhstan, where the company is headquartered, Cyprus, the United States, the United Kingdom, Armenia, the United Arab Emirates, Japan, Uzbekistan, Kyrgyzstan, Georgia, Tajikistan, Azerbaijan, Türkiye, Bulgaria, Germany, Greece, Lithuania, the Netherlands, Portugal, Spain, Austria, France, Poland, and Italy.

Freedom’s Major Milestones Over the Past Year

Exactly one year has passed since Freedom Holding Corp. celebrated its sixth anniversary on Nasdaq, and the past twelve months have brought numerous significant developments for the holding company.

International rating agencies upgraded their assessments of Freedom’s financial subsidiaries. S&P Global Ratings affirmed Freedom Bank’s ratings at BB-/B, upgraded its Kazakhstan national scale rating from kzA- to kzA, and revised its outlook from Stable to Positive. Moody’s assigned Freedom Life an investment-grade rating of Baa3 for the first time, while Freedom Insurance received a Ba1 rating. Both ratings carried a Stable outlook.

Freedom expanded its presence in Türkiye’s financial market. Freedom Yatırım Menkul Değerler A.Ş. obtained a license from Türkiye’s Capital Markets Board (CMB), becoming the first foreign brokerage company since 1992 to receive such authorization. The license enabled the holding company to develop its brokerage operations alongside its banking business in Türkiye, laying the foundation for an integrated digital financial ecosystem.

Freedom Holding Corp. raised approximately $300 million through a share offering. The holding company placed more than 2.3 million shares at a price of $126.35 per share. The transaction involved exclusively non-U.S. investors.

Freedom Holding Corp. signed a memorandum to establish the Freedom AI Super Cluster in Kazakhstan. The agreement with Kazakhstan’s Ministry of Artificial Intelligence and Digital Development and U.S. banking group Citi outlined plans to develop a large-scale GPU cluster to support artificial intelligence projects. The memorandum was signed during a meeting of the Foreign Investors’ Council attended by President of Kazakhstan Kassym-Jomart Tokayev. The initiative became part of Freedom’s broader strategy to develop AI computing infrastructure.

Freedom Holding Corp. applied for a banking license in France. The holding company also announced plans to invest €500 million in establishing a digital bank and developing digital infrastructure in the country. France was selected as one of Freedom’s strategic entry points for further European expansion, with the proposed banking license expected to create opportunities to scale its financial services across the European Union.

Freedom Holding Corp. more than doubled its net income for fiscal year 2026. Net income increased by 101% to $153.3 million, compared with $76.2 million a year earlier. Revenue reached a record $2.19 billion, representing more than a 26-fold increase since the company’s Nasdaq listing in 2019. Total assets rose by 33% to $13.16 billion, while basic earnings per share reached $2.56. Meanwhile, the brokerage customer base grew by 26% to 858,000, the banking customer base doubled to 5.03 million, and the number of insurance customers reached 1.1 million.

Moody’s assigned credit ratings to Freedom Bank Kazakhstan for the first time. The bank received a Ba3 long-term bank deposit rating with a Stable outlook and a b1 Baseline Credit Assessment. The agency highlighted Freedom Bank’s development as a universal bank focused on retail and digital services, as well as its gradual shift away from trading-related income toward traditional lending activities.

Freedom Holding Corp. shares were included in The Motley Fool’s investment portfolio. The U.S.-based investment research and advisory company added Freedom Holding Corp. (NASDAQ: FRHC) to its TMF Moneyball Portfolio. Companies were selected using artificial intelligence and The Motley Fool’s proprietary analytical database, with assessments based on financial stability, innovation, management quality, and market potential. The system identified approximately 250 publicly traded companies with the strongest overall scores.

Freedom Holding Corp. signed an AI cooperation agreement with NVIDIA. In November 2025, the holding company entered into a memorandum of understanding with NVIDIA and Kazakhstan’s Ministry of Artificial Intelligence and Digital Development to establish the Sovereign AI Hub. The project, valued at approximately $2 billion, involved the development of a major data center in Kazakhstan powered by NVIDIA’s high-performance computing infrastructure, with 100 MW of available power capacity. Freedom Holding Corp. took on the role of principal financing and implementation partner, as well as the future operator of the AI hub. The initiative also included plans to establish an AI academy and research laboratory to train engineers and artificial intelligence specialists.

“I would like to thank my colleagues and our clients. I firmly believe that people are the most valuable asset of any business. And returning to our core value of trust, it is clear that people are the ones who build it,” said Timur Turlov.

These milestones represent only part of what Freedom Group has accomplished over the past year. As Timur Turlov emphasizes, the most important achievements are still ahead. The holding company continues to pursue its geographical expansion strategy, enhance its services by leveraging cutting-edge technologies, enter into partnerships with some of the world’s largest corporations and work with government support, while also investing in charitable initiatives and the development of sports in Kazakhstan and internationally.